Papertrade overtakes rivals with $37M in first four days

Papertrade launched on HyperEVM on October 10 and pulled in $37.03 million within four days. That beat the combined first-week revenue of Pump.fun and Hyperliquid, which stood at $16.06 million and $14.56 million.

The platform skips order books. Traders bet on the direction of BTC or ETH against a shared USDC pool. Losing positions mint PAPER tokens at 100 per dollar lost, while winners draw from the pool. Most revenue comes directly from those losses.

Leverage up to 1000x sped up both gains and wipeouts. One wallet exploited price moves between Hyperliquid and Papertrade on October 10, collecting $1.28 million in payouts. The platform later tightened position limits.

On a 24-hour basis, Papertrade now ranks third among over 2,600 protocols tracked by DefiLlama, behind only Tether and Circle.

Based on information from cryptonews.net